PNC Bank 2008 Annual Report Download - page 126
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Please find page 126 of the 2008 PNC Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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The holders of the convertible senior notes may elect: i) in the
case of a make-whole fundamental change, to convert the
notes prior to the effective time of such change, in which case
the conversion rate will be increased as provided by a formula
set forth in the indenture supplement governing the
convertible senior notes; or ii) upon the effective time of any
fundamental change, to require PNC to repurchase the
convertible senior notes at their principal amount plus accrued
but unpaid interest. Generally, a fundamental change includes
an acquisition of more than 50% of PNC’s common stock,
certain mergers, consolidations or other business
combinations, if PNC’s continuing directors are less than the
majority of the Board of Directors, a liquidation or
dissolution, or PNC’s common stock is not listed on any
US national securities exchange. These rights may discourage
a business combination or other transaction that is otherwise
favored by certain shareholders.
The $2.9 billion of junior subordinated debt included in the
above table represents the only debt redeemable prior to
maturity. The call price and related premiums are discussed in
Note 14 Capital Securities of Subsidiary Trusts.
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